REN Price Analysis: Ren on a Downtrend as bulls grapple with the bears

•REN/USD is currently priced at 0.32, and has decreased by 5.56% over the past day

•The trading volumes of REN have decreased by 28.14% over the past day

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•The technical indicators suggest a bearish outlook for the coin in the short term

Short Term View: Ren needs bulls to hold the crucial support 

The Ren price today is $0.320268 USD with a 24-hour trading volume of $21,033,856 USD. Ren Coin has seen a reduction of 5.56% in its value over the past day. The trading volumes have decreased over the past 24 hours, suggesting decreased investor activity.  The Volume to Market Cap Ratio, on the other hand, stands at 0.06675. A move above 0.80 will suggest a bullish reversal, which looks a long way off.

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Ren coin has been in a descending channel for the past few days and is trading significantly below its all time high of $1.03 which it clocked a year ago. The bearish momentum shows no signs of slowing down as Ren coin is trading below the 20 and 50 SMA. If the coin continues on its current path, it will likely find support at $0.29 whereas the support is placed at $0.34.

Long Term View 

The technical indicators show weak sentiment in the market as the price strength has faded, with the RSI falling deep into oversold territory, and is currently tracking at 39.67, which is its lowest level this week. The MACD , on the other hand, is currently below the zero range. However, we can witness a bearish crossover on the daily chart,which further strengthens the hands of the bears. Therefore, we can expect the price to fall in the near future.

Conclusion 

The recent developments in the cryptocurrency market have forced the traders into a defensive stance,due to many of the altcoins are suffering,Ren coin being one of them.On the downside, if the price breaks the support level of $0.29, then we can expect a strong downward movement in the price. Hence,the support level becomes of utmost importance to the bulls.On the upside, buyers have eyes on $0.34 hurdles. If this seller congestion zone is flipped into support, Ren coin will commence the journey to new highs. However, the RSI is making a bearish divergence as selling pressures are slowly mounting.  We have to wait and watch if selling pressures become strong enough to bring about a fresh breakdown from the support zone.

Support:$0.292

Resistance: $0.34

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.